Trust and Safety

What are Zowasel's Standard Payment Terms?

Zowasel typically makes payment within 48 to 72 hours after the delivery confirmation by buyers.

To protect our sellers and buyers, plus ourselves, we follow the normal buyers' payment terms by making payments after delivery within 48 to 72 hours.

However, some buyers' typical payment terms are up to 30 to 60 days. Hence, sellers will be informed if payment will exceed the normal term, as stated, before supply.

Sellers are advised of every buyer's payment terms before offer acceptance and commodity shipment. Whatever the term, payment is guaranteed for every successful transaction on the Zowasel platform!

Am I expected to pay offloading fees when I ship my commodities to a buyer?

Buyers oversee offloading processes and provide sellers with warehouse results at no cost. Sellers are not responsible for paying to offload their trucks at the buyer's warehouse. After conducting a quality check, buyers oversee offloading processes and provide sellers with warehouse results at no cost.

N.B: Some buyers require payment for offloading.

Why does Zowasel operate an escrow account system?

We operate an escrow account system to protect our sellers and buyers from default.

To protect our sellers and buyers, even when a buyer pays ahead in full or deposit, Zowasel holds the payment in an escrow account and only makes payment to the seller as soon as the buyer confirms the waybill received per the buyer's payment terms.

Why does Zowasel sign contracts with buyers?

Zowasel signs fulfillment agreements with buyers to protect sellers on the Marketplace platform, after which the buyer issues payment domiciliation to join the Zowasel platform.

We match buyers and sellers of the same commodity. Decisions on pricing and terms are agreed on together. Zowasel then enforces smart contracts and ensures that all transactions are shipped and payments are made after delivery without issues.

How can I connect and transact with vetted buyers or sellers on the Marketplace?

We enable you to create your offers or orders to receive bids and match with trusted counterparties on the Marketplace.

Instantly secure bids and enter into contracts directly with the selected sellers or buyers from our network of trusted counterparties effortlessly using our technology.

We offer a fully digital experience to trade with trusted and vetted counterparties.

Who checks for quality assurance?

We engage exclusively and directly with our sellers' network to meet buyers' specifications and demands.

We conduct sellers' due diligence, including site inspections for quality assurance before deliveries. We conduct a thorough site visit and inspection and get samples to test the crop quality before shipment.

How do I get better returns and more profitability?

We aim to create season-long relationships between growers and buyers lasting many years. From our boots-on-the-farm, Crop Test Centers and field operation expertise, we ensure the fulfillment of a successful first season.

We ensure that third-party inspections justify any deductions and help match the right trading parties to maximize returns on the crop.

Get introductions from our network at no cost.

How does Zowasel secure Matchmaking and transaction security?

We match hundreds of buyers and sellers of the same commodities, allowing them to decide on pricing and terms together. Zowasel enforces smart contracts.

We match buyers and sellers of the same commodity. Our platform connects thousands of crop sellers with leading crop buyers locally and internationally.

We are enabling buyers and sellers of crops to join our Preferred Network to trade with trusted counterparties securely. Buyers and sellers can post, receive bids, negotiate, match, haul, and get paid at the click of a button directly with one another.

You decide on pricing and terms together; Zowasel enforces smart contracts and ensures that all transactions are shipped and payments are made after delivery without any issues.

How does Zowasel handle the payment between Buyers and Sellers?

Zowasel ensures that deliveries are made and confirmed by the buyer and sellers before payment is released to the seller's bank account, and credit or debit cards are provided.

Zowasel enables buyers to pay for commodities through the Marketplace payment system. Once the terms of a transaction are agreed upon, typically, buyers can make payment in deposits, full payment, or issue a bank guarantee to initiate a transaction.

What's my benefit as a buyer?

We eliminate a long list of LPO seeking across officers. We enable you to source sustainably across the supply chain to save time and money.

We handle quality checks and verification to enable you to focus on what matters most to you. Reduce manual way-off-taker relationship, reduce price risk, time risk of LPO, and operational cost risks.

What are the cost benefits to a seller?

More bids and better crop quality result in a more significant price increase.

Up to 10% price increase than selling the same crops in the local open market.

Reduce 30% executive man-hours “sourcing for Purchase Orders and vendor registration across different companies.

Sign up and start picking up juicy Purchase Orders of your choice immediately.

Flexible fees to grow your agribusiness.

Can I manage my negotiations on the Zowasel Marketplace?

Zowasel gives you the power of negotiations. Posting and negotiating on Zowasel Marketplace is entirely your duty.

Zowasel allows you to post and manage your negotiation on Zowasel Marketplace. Information is exchanged between trusted counterparties only when a deal is formally agreed upon before we can ensure a smart contract.

Zowasel shows your listings to new trading partners or only makes them visible to a specific group. You can even share your listings with existing trading partners who aren't on our platform.

How are transactions on the Zowasel Marketplace protected?

Firstly, Zowasel signs fulfillment contracts with every buyer to insure against default and or delayed payments, plus payment domiciliation to our escrow accounts to protect our crop sellers.

Secondly, Zowasel does not speculate on commodity prices and hedge risks as soon as they become known. This means that price changes, either up or down, have minimal impact on our profit and loss.

This has the added benefit that Zowasel never takes a position opposite its customers – Zowasel does better when you do better.

Lastly, the transactions carried out in Marketplace are subject to industry standards, and buyers' payment terms are followed, ensuring no hidden terms or additional fees.

Does Zowasel offer Guaranteed Payment Collection?

Zowasel signs fulfillment contracts with every buyer to insure against default and/or delayed payments, plus payment domiciliation to our escrow accounts to protect our crop sellers.

We can issue a Performance Bond as "guaranteed payment collection insurance" against the buyer's default risk at the seller's request.

If you choose to take a Performance Bond, verified crop sellers must pay for the cost, giving you great value and confidence.

How is Zowasel different from other crop marketplaces?

Zowasel is the only marketplace that offers end-to-end crop marketing solutions to sellers. It empowers you to fully manage your futures, set a basis, transport, create, and negotiate offers, contracts, and payment settlements in one place.

Using Zowasel Marketplace saves you time, offers visibility across your entire commodity marketing process, and gives you more confidence in your decision-making with a trusted buyers network.

What if I don’t see buyers for my specialty crops in the Marketplace?

You can submit a direct offer with a crop name and price, and our team will contact a buyer on your behalf.

We are still building relationships to bring more trusted buyers into Marketplace in some areas. You can submit a direct offer with a crop name and price, and our team will contact a buyer on your behalf.

What does the platform's technology entail?

We are building the most user-friendly platform for buyers and sellers to connect and transact seamlessly all in one place to save time and money.

One of our goals was to eliminate unnecessary phone calls and time wasted searching for emails. That's why sellers can accept a bid, negotiate a bid, submit an offer, schedule transport, and view settlement documents all from the platform.

Technology can only partially replace the relationships and expertise that drive crop marketing. That's why every seller and buyer with a Marketplace account has access to our knowledgeable crop marketing specialists to help them make decisions before executing the technology.

A seller has enough to think about and manage so we've streamlined commodity marketing with every step of a decision and transaction.

Why does Zowasel make payment only after delivery confirmation?

To protect buyers and sellers, and ourselves, we follow the normal buyers' payment terms by making payments only after delivery.

We make payment after delivery confirmation or hold a reserve for a simple reason: we want to protect ourselves, the seller, and the buyer if the invoice is not paid in full or delivery is not made.

There are many reasons why invoices are not paid in full, including Order errors, Breakage (i.e., not all crops were delivered in good condition), delivery errors, quantity and quality errors, etc.).

By not paying for the invoice in full receivables, we protect ourselves and our customers. Bear in mind that Zowasel does hold the payment in an escrow account. We will release the payment as soon as the buyer confirms the waybill received.

Zowasel enforces smart contracts and ensures that all transactions are shipped and payments are made after delivery confirmation without any issues.

How and when do sellers get paid?

Zowasel only makes payments to sellers after successful delivery confirmation from buyers.

Zowasel enables buyers to pay for commodities through the Marketplace payment system. Once the terms of a transaction are agreed upon and delivery is made, however, delivery MUST be made and confirmed by the buyer before payment is released to the seller's account.

How does Zowasel classify crop buyers?

Zowasel verifies and classifies crop buyers based on their company formation, payment terms, off-take capacity, and financial records to determine/verify proof of payments.

• Blue-chip (Multinational processors)
  • Good Credit Rating
  • Structured Payment terms
  • Signed MoU
  • Letter of Credit
• Brown-chip (National processors)
  • Good Credit Rating
  • Structured Payment System
  • Signed MoU
  • Letter of Credit
• Red-hot (Small to medium scale processors)
  • Cash Payment
  • Credit Guarantee
  • Banker’s Cheque

How does Zowasel vet and verify customers?

Zowasel conducts due diligence and verification of every customer before joining our Platform to trade securely with trusted counterparties.

Zowasel screens buyers based on their company formation, payment terms, off-take capacity, and financial records to determine/verify proof of income and payment capacity.

Zowasel then signs Fulfillment Agreements with buyers, after which the buyer issues payment domiciliation to join the platform.

Also, Zowasel verifies every crop seller on the platform using their BVN, NIN, crop quality knowledge, and farming/sourcing networks to determine/verify proof delivery capacity.

Final Notes

We provide a secure, simple, and seamless way to connect buyers and sellers of crops. Every transaction on Zowasel is governed by trust, transparency, and fairness, ensuring that everyone involved in the process benefits from each exchange.